All Forum Posts by: Randal McLeaird

I'm gonna disagree with both posts. I'm a rehabber and I have my license. I don't use it on the purchase side because I buy most of my deals directly from sellers or wholesalers. However, on the listing side you can generally expect 8-10% taken off the top of your sale price in the form of commissions and closing costs. I always offer a Realtor bonus for a full price offer and we don't mind giving seller contributions if we get a good offer. So, we average about 11% loss from listing with an agent and selling through a buyers agent.

Now, If I list and I run an open house and do a good job and find the buyer - we just saved 6% commissions. $200k house = a lot of money.

Disclose, disclose, disclose. Let everyone involved know who you are and what you do. Have them sign the forms and cya.

A faster way to do what Tyler mentioned was have your Realtor look for recent sold properties that were 'recent rehabs'. Not all MLS's have this feature but we do in SA and its a good to way figure out who the owner is withouthaving to dig through the county records.

I also agree 100% with Jon's comments. You might want to find your local REI club and go there and start asking around.

We're almost done with our rehab on one of our houses and we decided to keep the existing tubs because the area doesn't warrant a complete redo of the baths.

The tubs are a little dark from years of use and we want to brighten them up.

Anyway, we found the epoxy kit Home Depot sells and we don't want to do it ourselves. How much have you paid a contractor to refinish a tub?

And how did it turn out?

guys, I just got this email regarding the SAFE act in Texas:

Many of us have been very concerned about the implementation of federal legislation known as the SAFE Act that would severely limit an individual’s ability to seller finance their property in Texas.

We are working on numerous regulatory and legislative solutions to this affront to private-property owners, and have some good news to report. At our urging, the chief regulator over the SAFE Act in Texas, the commissioner of the Texas Department of Savings and Mortgage Lending, has taken significant steps to allow Texas property owners to continue to seller finance up to five transactions in a 12-month period.

More specifically, the commissioner has delayed the implementation of the SAFE Act requirement for licensure in seller-financed transactions in Texas until August 31. This will give us time to implement regulatory and legislative changes during the coming months. For now it is important for you to know that the long-standing law of allowing a Texas seller to finance up to five transactions in a consecutive 12-month period is still in effect and the Texas Association of REALTORS® will continue to work at the federal and state level to see that this is a permanent solution.

Finally, this action would not have happened if not for the thousands of Texas REALTORS® who participated in our grassroots efforts to correct this abuse to private-property owners in Texas.

Your actions do make a difference.

Sincerely,

Bill Jones
2010 Chairman of the Board

I've been looking at house after house and running my formula the same as always in order to price out the properties.

My rehab figures are solid bc I know what it costs to do the work and my ARV's are accurate bc I have all sold comps from MLS. I even feel like my offers will come in a little higher than most wholesalers bc I am not assigning it to anyone since I'll be doing the work. I prequal all properties on the phone and give a ballpark figure to see if we're on the same page and if we are, I set up an appointment to see the house.

Lately, I've been missing opportunities bc another investor goes to meet the seller after my appointment and offers a bit more than me or different terms.

I know there are plenty of people out there who are going to overpay for a property and the majority of the people I lose out to are doing just that. However, I'm also tired of it and want to pick up some more properties.

I'm looking for any personal experiences anyone has had with this and some tips on how to be the winning offer more often than not (even if your offer is less than the competitor).

Thanks

alright guys, I've been hearing a lot about the new SAFE act that's come out and I don't know if it's only in Texas or nationwide.

From my understanding, it effects sellers who are interested in seller financing their house (my attorney says it also includes rent-to-own transactions) and the need to use a licensed mortgage broker to originate the loan. I'm looking for more feedback from the BP crew.

Our local REIA has come up with a quick fix where an investor friendly mortgage broker originates the loan on the cheap and that apparently solves the problem. I wasn't very concerned with this until my private money lender told me they were putting a halt on financing until they have the answers. How it effects their lending, I do not know, but I need to get more info asap.

Thanks in advance

Thanks for the info. I'm digging into it and hopefully start buying my properties this way from now on. I'm interested in buying non-performing notes at deep discounts and foreclosing if need be. I'll have the property at a huge discount and do my normal rehab or seller finance gig.

I've also heard good things about taking seconds and doing something similar. Foreclosing from that position if need be and then you own a property subject to the first.

I'm still not sure how far I want to go down that road because it seems like a tough gig to constantly kick people out.

TBD

Thanks for the responses. I agree with taking it out every time. I went to look at a comp in the same neighborhood as our property and it had painted paneling...I'm not a fan.

However, I'm getting into buying low end properties and seller financing them without doing any rehab (or very little). Definitely won't be pulling it out in those.

seems pretty standard across the board. In San Antonio I see most hml guys charging 4pts, 15%, 6mo, 70% ltv.